10 Best Forex Brokers for beginners in Kenya 2022

 

The best forex brokers for traders in Kenya offer licensed and regulated by Top-tier authorities.  They offer competitive spreads, sophisticated trading platforms, advanced trading tools, up-to-date market analysis, educational material and good customer support. Only forex and CFDs brokers that are regulated by Top-tier authorities in Africa and Europe are recommended.

 

Choose your quick section of our best Forex Brokers in Kenya below

 

10 Best Forex Brokers in South Africa for 2022

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

4.8/5

User Score

#2

4.7/5

User Score

#3

4.5/5

User Score

#4

4.4/5

User Score

#5

4.7/5

User Score

#6

4.6/5

User Score

#7

4.7/5

User Score

#8

4.8/5

User Score

#9

4.7/5

User Score

#10

4.7/5

User Score

 

Our 10 Best Handpicked Best Forex Brokers in Kenya Revealed:

 

 Avatrade

 

Overall Rating

4.8/5

Rated #1 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, FSA

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

60

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

AvaTrade is a multi-regulated global forex and CFDs broker who accepts traders in Kenya. The brokerage offers access to a wide range of financial instruments on variety of trading platforms, including MT4, MT5 and AvaTrade’s proprietary web-based platforms for social trading.

 

Established in 2006, the brokerage is one of the oldest and most well-established online brokers in the forex market. AvaTrade is licensed and regulated across all six continents, including the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.

 

AvaTrade clients have the choice of several types of accounts, including a Retail commission-free account and Professional, spreadbetting and options commission-based accounts.

 

AvaTrade publishes an extensive array of research and market commentary as well as educational material, including basic-to-expert trading videos and trading guidelines. AvaTrade supports Trading Central which provides valuable market insights and intelligence through WebTrader and AvaTradeGO.

 

Does AvaTrade offer an Islamic account?

Yes, AvaTrade offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

Exness

 

Overall Rating

4.9/5

Rated #2 of 
Recommended FX Brokers

💰Minimum Deposit

USD 10.00

🌐 Regulators

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC (Mauritius)

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

107

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Exness is a multi-regulated global forex and CFDs broker that accepts traders in Kenya. Founded in 2008, Exness is licensed and regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.  Exness.com is operated by Nymstar Limited which is a securities dealer authorised and regulated by the Seychelles Financial Services Authority (FSA). Exness is a Market Maker and NDD forex broker.

 

Exness provides access to a wide range of asset classes on the MT4 and MT5 trading platforms as well as the Exness Web Terminal, with the choice of 5 different trading accounts.

 

Trading costs for Exness vary depending on the account type opened and the market being traded. The Standard and Standard Cent (MT4 only) accounts offer commission-free trading with spreads starting from 0.3 pips. The professional Pro Account offers commission-free trading with spreads starting from 0.1 pips; and the Professional Raw Spread and Zero accounts offer commission-based trading from 3.5 USD per lot/per side with spreads starting from 0 pips.

 

Exness publishes an extensive array of educational material via online articles, videos, webinars and online trading courses. Exness provides up-to-date live market analysis and advanced trading tools such as an Economic Calendar, WebTV and trading calculators. Exness customer support is offered in 13 languages via Live Chat and email.

 

Does Exness offer an Islamic account?

Yes, Exness offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

FP Markets

 

Overall Rating

4.7/5

Rated #23 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

ASIC, CySEC

📱 Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

📈 Total Pairs

63

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

fpmarkets is an Australian-based forex and CFDs broker who accepts traders in Kenya. The global forex broker offers five core trading accounts called Standard MT4-MT5, Raw MT4-MT5, IRESS Standard, IRESS Platinum and IRESS Premier. fpmarkets also offers Islamic swap-free trading accounts and a free demo trading account.

 

fpmarkets publishes a range of market analysis and education resources through the Traders Hub, including technical and fundamental analysis, video tutorials and trading eBooks. Clients have access to live support via telephone, email and live chat 24-hours/5-days a week.

 

Does fpmarkets offer an Islamic account?

Yes, fpmarkets offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

FXPro

 

Overall Rating

4.7/5

Rated #202 of
Recommended FX Brokers

💰Minimum Deposit

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FxPro is a global,  multi-regulated forex and CFDs broker that accepts traders in Kenya. The brokerage offers access to a wide range of asset classes on the MT4, MT5 and cTrader platforms. FxPro also has its own award-winning proprietary trading platform.

 

The firm is No Dealer Desk (NDD) broker so order execution is fast, with most orders filled in under 15 minutes. This also means there is no conflict of interest or problems with slippage and re-quotes. FxPro is regulated by several Top-tier authorities, including the FCA, CySEC and FSCA.

 

FxPro offers the Micro, Premium, VIP and No Commission account which supports commission-free trading. The FxPro Zero Fixed and Zero Spread accounts support commission-based trading. FxPro offers a mixture of live floating spread accounts and live fixed spread accounts.

 

FxPro supports a wide range of trading tools and market analysis on its trading platforms and publishes an array of educational material for beginner forex brokers. Customer service is excellent and you have access to FxPro support 24-hours a day/5-days a week via Live Chat, email and call-back.

 

Does FxPro offer an Islamic account?

Yes, FxPro offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

FXTM

 

Overall Rating

4.6/5

Rated #32 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

CySec, FSCA 

📱 Trading Desk

MetaTrader4, Metatrader 5

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

FXTM is a global, multi-regulated forex and CFDs broker that accepts traders in Kenya. The brokerage is also known as ForexTime. FXTM provides access to a wide range of asset classes on the MT4 trading platform and its proprietary FXTM Trader App. Founded in 2011, FXTM is regulated by Top-tier authorities, including FCA, CySEC, FSC and FSC.

 

FXTM offers six main types under two categories; the Standard commission-free account and the ECN commission based account. Accounts can be funded in USD, GBP or EUR and starting spreads are low.

 

FXTM publishes a vast array of trader research and educational material, including market analysis videos, research article, trading courses, educational videos, seminars, webinars and eBooks. FXTM customer service is supported by Live Chat, email and Telegram.

 

Does FXTM offer an Islamic account?

Yes, FXTM offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

HotForex

 

Overall Rating

4.8/5

Rated #6 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

CySEC, FSC, FSCA

📱 Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

📈 Total Pairs

50+

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

HotForex is a global, multi-regulated forex and CFDs broker that accepts traders in Kenya. Founded in 2010, HotForex and HF Markets fall under the HF Markets Groups which operates in multiple jurisdictions.

 

HotForex offers access to a wide range of asset classes on the MT4 and MT5 trading platform with six core trading accounts. Every type of account offers commission-free trading for currency pairs; the Zero Spread account is commission-based with spreads from 0 pips on forex.

 

HotForex has a team of in-house analysts who regularly publish Market News, analysis and outlook reports. The team also publish a wide range of research and educational material and the trading platforms support advance trading tools such as AutoChartist, a Trading Calculator and Economic Calendar as well as the Traders’ Board.

 

Does HotForex offer an Islamic account?

Yes, HotForex offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

JustForex

 

 

JustForex is a global forex and CFDs broker that accepts traders in Ghana. JustForex was founded in 2012 and is the trading name of JF Global Limited which is a registered company in St Vincent and the Grenadines.

 

JustForex offers 7 different types of trading accounts and supports the MT4 and MT5 trading platform for access to a wide range of asset classes. Accounts offered range from Standard commission-free accounts to Professional commission-based accounts, Islamic swap-free accounts, free demo account and an ECN trading account.

 

Clients have access to a wide range of market analysis articles and educational material that the broker publishes on a regular basis. JustForex also promotes social trading services and offers bonus and promotional offers for beginner and advanced forex traders.

 

Does JustForex offer an Islamic account?

Yes, JustForex offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

OctaFX

 

Overall Rating

4.8/5

Rated #8 of
Recommended FX Brokers

💰Minimum Deposit

$5

🌐 Regulators

SVGFSA

📱 Trading Desk

Metatrader 4 , Metatrader 5

Crypto

Yes

📈 Total Pairs

80

☪️ Islamic Account

Yes

📊 Trading Fees

Very Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Official Website

 

OctaFX is a regulated forex and CFDs broker that accepts traders in Kenya. OctaFX offers access to a wide range of asset classes on the MT4 and MT5 trading platforms, cTrader for copy traders and its proprietary OctaFX trading app.

 

The types of accounts offered by OctaFX cater for beginner and professional traders, including MetaTrader 4 Micro, MetaTrader 5 Pro or cTrader ECN. The brokerage has its own proprietary copy trading platform called OctaFX Copy Trading. Clients can manage their demo and live accounts, view contests, access copy trading services and promotional offers from the OctaFX.com Personal Area.

 

Does OctaFX offer an Islamic account?

Yes, OctaFX offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

Pepperstone

 

Overall Rating

4.9/5

Rated #54 of
Recommended FX Brokers

💰Minimum Deposit

USD 10

🌐 Regulators

FCA, SCB, CMA, ASIC, DFSA, CySEC, BaFIN

📱 Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes – CFDs

📈 Total Pairs

70

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Pepperstone is a globally-regulated forex and CFDs brokerage based in Australia, offering clients access to a wide range of financial instruments on the MT4, MT5 and cTrader trading platforms. Clients have the choice of three types of accounts which includes the Standard commission-free account, the commission-based Razor account and the commission-free, swap-free Islamic account.

 

Pepperstone publishes an impressive range of trader research and educational material, including Market Analysis, Economic Calendar, trading guides, webinars and daily market news. It supports additional trading tools such as Smart Trader Tools, VPS hosting and Autochartist.

 

Does Pepperstone offer an Islamic account?

Yes, Pepperstone offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

Tickmill

 

Overall Rating

4.7/5

Rated #3 of 
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

FSA

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

62

☪️ Islamic Account

Yes

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Tickmill is a global, multi-regulated forex and CFDs broker that accepts traders in Kenya. Tickmill was founded in 2014 and offers access to a wide range of asset classes on the MT4 trading platform. Tickmill is regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.

 

Clients have a choice of four core trading accounts which are the Classic, Pro, VIP and Futures accounts. Tickmill also offers a free demo account and swap-free Islamic account. The firm is a No Dealer Desk (NDD) broker and makes money mainly through spreads and swaps on certain tradeable classes, and commissions on certain trading accounts.

 

Tickmill publishes a wide range of research and educational material, including video tutorials, eBooks and news articles. It also hosts regular webinars and seminars for forex training for beginner and advanced traders.

 

Does Tickmill offer an Islamic account?

Yes, Tickmill offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

 

FAQs about forex trading in Kenya

Who regulates forex brokers in Kenya?

Forex trading in Ghana is regulated by the Capital Markets Authority (CMA). Established in 1989, the CMA was established by an Act of Parliament, Cap 485 A under The National Treasury and Planning. No forex broker in Kenya can legally operate without an online forex license issued by the CMA.

 

The CMA is a regulating body charged with the prime responsibility of supervising, licensing and monitoring the activities of market intermediaries, including the stock exchange and the central depository and settlement system and all the other persons licensed under the Capital Markets Act.

 

The CMA in Kenya plays a critical role in the economy by facilitating mobilisation and allocation of capital resources to finance long term productive investments.

 

Is it legal to trade forex in Kenya?

Yes, it is legal to trade forex in Kenya if you trade for your own personal benefit. Forex trading in Kenya is restricted by certain laws and regulations. Under Kenyan law, only banks and licensed currency exchange brokers are authorised to trade in foreign currency.

 

The regulatory authority, CMA, requires all online foreign exchange brokers or money managers to be licensed in order to offer forex trading services to Kenyan traders. Traders are required by law to declare earnings when submitting their tax returns.

 

Is it safe to trade forex in Kenya?

Yes, it is safe to trade forex in Kenya if you understand the risks involved in trading this asset class and you are vigilant about choosing a legitimate and honest forex broker that is licensed and regulated by a Top-tier authority in one of the major global jurisdictions.

 

Forex trading is the largest and one of the most liquid financial markets in the world. With developments in electronic trading platforms, it’s now possible to trade forex online anywhere in the world and at any time.

 

The forex market naturally attracts its fair share of unscrupulous forex brokers and criminal forex scams. The best way to safeguard your money is to only trade forex through a well-established, licensed and regulated forex broker. If anything goes wrong, you have recourse through the regulator in that jurisdiction. The more you understand about the risks of trading forex, the better off you are.

 

Why these forex brokers are best for beginner traders in Kenya

These forex brokers are best for beginner traders in Kenya because they offer four essential benefits:

 

How to open a live forex trading account in Kenya

Register for a live trading account with a forex broker you can trust. It’s recommended you only use a broker that is licensed and regulated by a Top-tier authority.

 

Follow the steps required to complete the sign-up process. You’ll receive an email upon sign up with your platform details. Upload the details the broker requires and then the account will be authenticated.

 

When your account is live; deposit funds, set up your charts on the trading platform and familiarise yourself with the advanced trading tools such as the Economic Calendar, Trading Calculator and AutoChartist. You’re now ready to place your first order; remember to use the tools available to manage your risk, including limit orders and stop loss orders.

 

What payment options are available for forex traders in Kenya?

All traditional payment methods are available for forex traders in Kenya when you use a legitimate brokerage. This includes direct bank transfers, banking cards and e-wallets such as PayPal, Skrill and Neteller.

 

When is the forex market open for trading in Kenya?

The forex market operates 24-hours a day, five days a week. The market closes at 22h00 GMT on Friday and opens again at 22h00 on a Sunday. Kenya is 1 hour ahead of the United Kingdom and six hours ahead of New York.

 

What is the best time to trade forex in Kenya

The best time to trade forex in Kenya is during the overlap between the London and New York trading sessions. This is between 14h00 and 22h00 Kenyan time (GMT+1).

 

Kenya is one hour ahead of London which is the global center of the foreign exchange market. The London and New York trading sessions are the two most liquid trading sessions and the volume of trading the major currency pairs like EUR/USD and GBP/USD is at its highest at this time.

 

The afternoon to late night trading period in Kenya is perfect for beginner traders who have not given up their day jobs to trade forex.

 

What is the best trading platform for forex traders in Kenya?

The best forex trading platform for beginner traders in Kenya is MetaTrader 4 (MT4). It’s the most popular trading platform in the world and almost every forex broker offers it to access the forex market.

 

MetaTrader 4 (MT4) is an easy-to-use electronic platform that provides instant access to the forex market. It’s used to analyse movements on currency pairs and use Expert Advisors (EAs). MT4 offers millions of forex traders around the world with an automated trading platform to perform algorithmic trading. Signals and Markets are additional services on MT4 that allow you to copy trades of other traders and use EAs and technical indicators.

 

Is forex trading popular in Kenya?

Foreign exchange is becoming one of the most popular asset classes to trade in Kenya. Forex trading is growing steadily in Kenya, particularly among young beginner traders who can trade currency pairs with their Smartphones and a good Internet connection. The best forex brokers for beginner traders in require require a small minimum deposit and offer competitive spreads.

 

Is forex trading risky?

The forex market is one of the most risky asset classes to trade because of ease of access to leverage. It’s important that you manage the risk by using trading tools like limit orders and stop loss orders. It’s also important to use leverage with caution and not to overleverage on forex positions.

 

FOREX TRADING AFRICA DISCLAIMER

Forex is a complex instrument and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

 

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.

5/5 - (2 votes)
🔒 OPEN A TRADING ACCOUNT